CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys New Holdings in Cipher Mining Inc. $CIFR

Key Points

• Cushing Asset Management dba NXG Investment Management opened a new position in Cipher Mining during the first quarter, buying 170,000 shares worth about $2.19 million.
• Institutional interest in CIFR remains active, with several other hedge funds and investors adding to stakes, though institutions still own only 12.26% of the company.
• Analysts are mixed but generally bullish: the stock has a Moderate Buy consensus with an average price target of $28.31, while recent insider selling has also been notable.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 170,000 shares of the company's stock, valued at approximately $2,188,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CIFR. Abel Hall LLC raised its holdings in shares of Cipher Mining by 3.8% in the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company's stock valued at $259,000 after purchasing an additional 739 shares in the last quarter. GM Advisory Group LLC grew its stake in shares of Cipher Mining by 15.9% during the first quarter. GM Advisory Group LLC now owns 15,283 shares of the company's stock worth $197,000 after purchasing an additional 2,100 shares in the last quarter. Keybank National Association OH purchased a new position in Cipher Mining in the first quarter valued at $179,000. Sippican Capital Advisors increased its holdings in Cipher Mining by 33.8% in the first quarter. Sippican Capital Advisors now owns 70,600 shares of the company's stock valued at $909,000 after buying an additional 17,850 shares during the last quarter. Finally, Portus Wealth Advisors LLC acquired a new stake in Cipher Mining in the first quarter valued at $114,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. BTIG Research upped their price objective on Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Needham & Company LLC boosted their target price on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Jefferies Financial Group assumed coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They set a "buy" rating and a $32.00 price objective for the company. Finally, Morgan Stanley lowered their target price on shares of Cipher Mining from $53.50 to $48.50 and set an "overweight" rating for the company in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.31.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the sale, the chief operating officer owned 1,451,856 shares in the company, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of Cipher Mining stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the completion of the sale, the insider directly owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. The trade was a 2.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,132,836 shares of company stock worth $81,420,063 in the last 90 days. Corporate insiders own 2.63% of the company's stock.

Cipher Mining Price Performance

Shares of CIFR opened at $20.04 on Monday. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. Cipher Mining Inc. has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The firm has a 50-day simple moving average of $22.77 and a 200-day simple moving average of $18.32. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of -8.60 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million during the quarter, compared to analysts' expectations of $36.12 million. The company's quarterly revenue was down 28.8% on a year-over-year basis. On average, equities research analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Cipher Mining Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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